OTAGO HARBOUR BOARD.

Otago Daily Times, Issue 10311, 19 March 1895, Page 3

OTAGO HARBOUR BOARD.

Alj the annual meeting of the Otago Hafeour Board, held on the 14th iuot., Mr GouHey, the cbaii'maß, mads the following comtneuts on the year's operations:—ln presenting the duly audited and certifled accounts of the board for the year ending 31»t December 1894, there is no occasion for detaining yon with any lengthened remarks. The results of the year's operations have been so far satisfactory as to show that, whilst there is no evidence yet of improvement in trade, there has been little ot retrogression. Probably the pinches that have been felt are to be accounted for on the ground thifc for many years past the growth in number of our importers has exceeded in ratio the settlement of a consuming population. The receipts of the board for 1893 amounted to £45,189 lls lid, arfd for 1894 £46,476 10s 2d, an increase of £1286 18s 3d. The actuations under the various headings, are so trifling that they call for "no special remark. Reference to the shipping returns. show, respectively, arrivals at Dunedin in 1893, 499 vessels of a tonnage of 295,688; in 1894, 483 vessels of a tonnage of 299,495; and at Port Chalmorß in 1893, 317 vessels, 295,359 tons; and in 1894, 287 vessels, 297,968 tons. Thus, though there has been a decrease in numbers, there has been a considerable increase of tonnage. The expanditure side of tha accounts has been so much in evidence lately th*t I have little to add save to point out to our creditors that-loan monejs were exhausted in 1888-89, and that «ince then works to the extent of some £14,000 have bsen carried on besides meeting^ regularly all our other engagements out of current revenue. The credit balance of revenue account that > existed in 1839,, in .consequence of the expenditure on works, has become less year by yeav, bat while it'remained there was no call to increase our rale*. Last year, however, it was evident that the time bad arrived when an increase of revenue must be I provided for; and' an act of Assembly was I obtained empowering the increase of rates j from 3s to 5s per ton. This power has only been , exercised to the full extent over tho higher. grade or class of. goods. The results of the . last two months shave shown . very substantial increases on our receipts, and which, if maintained duriog the year, with resolute ' determination to keep down all expenditure not absolutely required fot the due maintenance of the service and trade of the jport, will no donbt soon restore that confidence which is desirable on the part of our debentureholders and the public investor. The only other matter I will refer to is again to reiterate what has been for several years urged by myself and others here and elsewhere—viz.', that as it is principally the burden of the heavy rates of interest to be met that crushes local bodies, and th*t relief in that direction would be partici--1 pated in 'by the whole population of New Zealand, it would be a good policy for the Government to provide a scheme of conversion for all local bodies' loans on equitable terms. I have now to move—"That the balance sheet, statement of assets and liabilities, audited be signed as finally examined acd allowed, as required by ' The Harbours AcS 1878.' "—(Hear, hear.) - MrMACKBKEAS seconded the motion, which was carried unanimously.